PMSI supports Praetura Ventures in an investment in SteamaCo.
SteamaCo is a UK-based smart metering technology supplier to utilities in Africa and Asia. The US $5 million Series B refinancing deal, which Praetura co-led with global energy company Shell, will support SteamaCo’s continued technology development and growth, enabling reliable electricity services for hundreds of thousands of people across 10 underdeveloped countries.
David Foreman, managing director at Praetura Ventures, said: ‘We are very impressed with [SteamaCo’s] strategy and the unique capabilities of their product. We are pleased to announce SteamaCo among the initial investments from our first £15 million enterprise investment scheme fund. We are excited to work with both SteamaCo and Shell to support the business as it continues to grow.’
Harrison Leaf, CEO and co-founder at SteamaCo, said: ‘We are delighted to welcome Praetura and honoured to have continued participation from existing shareholders. Automation is a key part of the historic privatisation of utilities in Africa and Asia. Tens of thousands of times each day, our product processes tariffs, monitors grid health and helps technicians, agents and consumers seamlessly go about their daily business. It is hugely motivating to everyone at SteamaCo that our work helps bring electricity to those who have never had it.’
SteamaCo’s smart metering technology and cloud software runs on less than 100 KB of communications data per meter per month. This is one hundred times more efficient than comparable services and enables utilities to operate in previously unreachable locations. The potential market for such technologies is vast, with a recent World Bank report estimating that mini grids could provide electricity for up to 500 million people by 2030.
PMSI worked closely with both Praetura Ventures and SteamaCo in providing CDD support for the deal.